AMCON profit rises by 202% to N108b

26th June 2024

Asset Management Corporation of Nigeria (AMCON) made N108 billion profit in the year ending December 31, 2023.

In a statement, Head of Corporate Communications, Jude Nwauzor, said it represents 202 per cent increase compared with N34.73 billion in 2022. The performance was achieved despite challenging macroeconomic conditions.

AMCON, led by Gbenga Alade recorded growth in fair valuation gains on Eligible Bank Assets (EBAs) from a loss of N187.9 billion in 2022 to N40.9 billion in 2023.

Its total liabilities dropped from N6.282 trillion in 2022 to N5.739 trillion in 2023 due to repayments of N500 billion Central Bank of Nigeria loan.

It also achieved 89 per cent of its revenue budget, with recovery of N125.2 billion comprising N81.65 billion from collections from obligors, N17.8 billion, share sales, N15.5 billion reinvestment income, N6 billion proceed from property sale, N3.8 billion dividend income and N0.5 billion from rental income.

These results were achieved despite the challenging economic environment, occasioned by the removal of subsidy and floatation of the naira.

AMCON’s equity portfolio recorded 82 per cent in 2023, N43 billion against N7.9 billion in 2022.

Alade said AMCON will continue on this positive trajectory.

 The management  restated its commitment to  more loan recoveries and efficient realisation of its mandate.